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Dutch bank ING pays fine to settle criminal investigation

Dutch banking group ING has agreed to pay a fine following criminal investigations by prosecutors. The lender had been confronted with allegations of money laundering in the Netherlands.

Dutch banking firm ING Group announced Tuesday it had agreed to pay a fine of €675 million ($782 million) and €100 million for disgorgement, settling regulatory issues in its ING Netherlands business with Dutch authorities.

ING acknowledged serious shortcomings in the execution of due diligence policies to prevent financial economic crime at ING Netherlands in the period under investigation— from 2010 to 2016.

Restoring the bank's integrity

ING said it sincerely regretted that the shortcomings in question that had enabled customers to misuse accounts.

"We are taking a number of robust measures to strengthen our compliance risk management and support a strong risk culture and will be making further improvements to ensure we can play a full role in contributing to protecting the integrity of the financial system," Vincent van den Boogert, CEO of ING in the Netherlands, said in a statement.